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This year daily traffic on the foreign currency exchange market in the Republic of Macedonia is moving between 30 and 45 million Euros.

Bojan Cvetanovski

President of the Executive Board of the ACI Macedonia – The financial market association

Q: You are the president of the ACI Macedonia – The financial market association. At the beginning tell us something about association, its type, previous history, about its members, international status…

Cvetanovski: ACI Macedonia – The financial market association is established on 23th of April, 1996 year, named as Macedonian Forex Club, initiated from the National Bank of the Republic of Macedonia. In 2001 Association became part of the international association ACI – Financial Market Association with it’s headquarter in Paris and with members of 63 countries. Than the name was respectively adapted in ACI Macedonia – The financial market association that represent an international standard. Members of this association are all commercial banks from the Republic of Macedonia and National Bank of the Republic of Macedonia. Association is a non – profit organization that operates in accordance with its Status and adequate subsidiaries. Association is structured from: Executive Board, Supervisory Board and Assembly. Once in a year the Organization organized cheerful annual assembly where among the participants are all domestic banks, domestic and foreign experts, quests from foreign banks and representatives of the financial software.

Q: What is Association main purpose and whose are their regular activities?

On 8 th August 2018, the president of ACI Macedonia, Bojan Cvetanovski, realize meeting with the Governor of the National Bank of the Republic of Macedonia – Mrs. Anita Angelovska – Bezoska. At the meeting there were reviewed actual questions from national financial market – segment with financials derivatives, referent rates and primate and secondary securities markets. The president Cvetanovski has exposed actual Association activities and future plans. It was concluded that collaboration and support between NBRM and Association activities will continue. At the meeting there were also Mrs. Vesna Trajkovska – Commercial Bank, Mrs. Melita Trajkovik – NBRM, Mrs. Zorica Stojanova and Mrs. Maja Andreevska – NBRM.

During 2017 working group was formed for auditing current SKIBOR rules, that were applied in 2007 and updated in 2011. Working group members were Sasho Radevski from Stopanska Banka AD Skopje, Vlatko Leshkaroski from Komercijalna Banka AD Skopje, Jovanovska Violeta from NLB Banka AD Skopje, Emil Jakimov from Halkbank AD Skopje and Zorica Stojanovska from NBRM.

After several meetings held, in July 2017, the working group delivered draft version of the new rules to the Liquidity Commission. After draft version was finalized, Macedonian Banking Association on its Assembly meeting held 22nd August, 2018, adopted new Rules for election and obligations of reference banks that quote interest rate for calculating SKIBOR and for the process of calculating SKIBOR itself.

New rules began to apply from 01.10.2018. With this change, old Rules for calculating and publishing interbank interest rate on the deposit market from 2007 are no longer valid.